BIR REMINDS MANUFACTURERS TO FILE EXCISE TAX RETURNS

Joel A. Lee, Director of the Virgin Islands Bureau of Internal Revenue, reminds local manufacturers about the requirement to file monthly excise tax returns for goods manufactured in the Virgin Islands. The excise tax rates for goods manufactured in the Virgin Islands are provided in Title 33, section 42(A) of the Virgin Islands Code, and are the same rates for goods imported into the Virgin Islands. The calculation of the excise tax for goods manufactured in the Virgin Islands are described in Title 33, section 42(b), and are the same calculations for goods imported into the Virgin Islands.

Manufacturers who import raw material to be used in their manufacturing business will be required to report those items at the time of importation, and use the appropriate item code to ensure that the raw materials are specifically identified.

Manufacturers, including those with EDC Benefits, are required to file Form 721VI along with the manufacturing cost worksheet (Form 721VI MWKS on a monthly basis.

The returns are due 30 days following the month concerned. Returns for the month of January 2021 are due by March 2, 2021.

Manufacturing Cost Worksheets (FORM 721VI MWKS) are available on the Bureau's website, at bir.vi.gov and at all of the Bureau's offices. All excise tax returns, including returns for locally manufactured goods must be filed using the Excise Web Portal available at: excise.bir.vi.gov.

Taxpayers who have questions can call Mr. Glenford Hodge, Supervisor of Excise Tax at (340) 715-1040, extension 3201.